THE MARKET Profit-taking takes edge off market
Modest profit-taking in some leading stocks took the edge off the market yesterday; Barclays’ index of industrial shares fell 7.46 points from Monday’s record high to 2031.41, while volume was again light — 4.8 million shares changing hands at $9.7 million, for an average of 204 c a share. Mr David Dott, of Chamberlain, Sturge and Company, the Christchurch sharebroker, said that the market was mixed and reasonably active in the morning, but a quiet, weaker trend became apparent in the afternoon call. The market favourites, Brierley and Chase, both eased in Christchurch, but Progressive Enterprises went against the weaker trend, he said. Waitaki NZR led the falls, down 7c to 178 c, and Fisher and Paykel and Wattie Industries lost 5c each, to 275 c and 345 c. Crown lost 2c to 140 c on big volume, and 2c losses were also chalked up by Feltex at 300, Equiticorp at 358, and ANZ at 218. NZI was 1c easier at 163 c.
Brierley Investments traded steadily yesterday,
with a gain of 1c to 741, but some market watchers think that Brierleys’ share price will ease today in response to the news that the bid for North Broken Hill by the BIL offshoot, Industrial Equity, has not gone as well as expected. Progressive Enterprises went against the trend and rose 7c to 365 c, Carter Holt Harvey gained 3c to 328 c, and McConnell Dowell 1c to 113. Paine Belcher and Partners, the Auckland sharebroker, bought a further 65,904 Farmers Trading Company shares on behalf of its unnamed client. FTC closed unchanged at 178.
Four shares to catch the eye because of 10c gains were Thoroughbred, at 120, Repco, at 185, R. and W. Hellaby at 240, and Astec at 250.
Industrial Equity (Pacific), Ltd, had the largest fall —30 c to 940 c — which brokers considered to be a curency correction as the N.Z. listing aligned itself more with its price in Hong Kong, where it is based. Other sizeable falls were by Cromwell, down 15c to 375 c, and Nuhaka, down 10c to 230.
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Press, 26 February 1986, Page 36
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352THE MARKET Profit-taking takes edge off market Press, 26 February 1986, Page 36
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